Great opportunity in the pound

26 June, 2017

The British pound is under pressure today as a British Prime Minister Theresa may attempts to strike a deal with the DUP party today in order to form a government, with some saying time is running out.

At 11am (GMT) the British currency was trading at 1.2728 against the US dollar, down from $1.2760 earlier in the trading session.

Depending on the outcome of the deal, the British pound could see a new yearly low if May is unable to attract the support needed as political instability is likely to spook investors.

"The UK’s post-election political uncertainty potentially comes to a head this week, with the parliamentary vote on the Queen’s speech, and therefore May’s ability to form a government, likely coming on Thursday. As the week goes on any signs as to whether or not the Prime Minister will be able to gather the required DUP votes to ensure she stays in power is going to be the main driver of trading for the Pound," noted Connor Campbell, an analyst with Spreadex.

On the other hand, if an agreement is brokered, we may see the pond reach a new yearly high as the market breathes a sigh of relief on the back of political stability which will allow the UK to get back to business as usual,

"Prime Minister Theresa May needs to strike a deal with the Democratic Unionist Party to prevent her government from falling apart”  noted FXTM Chief Market Strategist Hussein Sayed


"I believe there’s a high chance that she will get a deal, but if she failed to do so, GBPUSD would likely experience another fall towards 1.25, however, if she were to be successful, l expect to see a further recovery towards 1.29” he added.

The durable goods figure from the US will hit the market in a few hours, which is bound to create some volatility in the pound against its US counterpart with a good figure once again bound to raise speculation about just when the next rate hike from the US Federal Reserve might be.


Source link  
Is Yen finished as a safe haven currency?

Along with the Swiss Franc, the Japanese Yen has historically been the other currency that the market has deemed a safe haven in times of financial instability...

Trump may drive down the oil price

The oil price has risen around 13 percent over the last 10 days which has pushed up gasoline prices in the US to uncomfortable levels and with elections...

Trade wars and risky currencies

Traders might be wise to avoid the riskier currencies and park their money into stronger one's such as the US dollar or Japanese Yen as the US gets ready...


Fed will dictate the gold price

After bouncing off a more than 6 month low in yesterday's trading session gold has continued to drift higher today, and some say for the precious metal to make...

Is gold loosing its safe haven status?

Gold maybe losing its status as a safe haven asset according to some analysts after failing to capitalize on recent events happening around the world...

Trump's moves may pressure oil

After hitting a 3 year high a little less than 2 weeks ago, the oil price has tumbled nearly 10 percent and things may be set to get worse as Saudi Arabia...


Gold receives a double boost

The gold price has received a significant boost over the past few trading sessions on the back of economic and Geo political developments which may...

Can gold finally breakout?

The gold price received a much-needed boost yesterday after disappointing data from the US hit the market which cast doubts over the state of the US economy...

Is gold stuck in a bear market?

The US dollar has been on a stellar run over the last few weeks against most of the major currencies and commodities such as gold, which is why...


In the past 24 hours Bitcoin has lost -0.67% and reached $7370.88. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.3727% and is now at $1.1646. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 3.76% and is now at $453.427. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM86%
4FIBO GroupFIBO Group79%
5FxProFxPro78%
6FXCMFXCM73%
7AvaTradeAvaTrade69%
8HotForexHotForex68%
9XMXM68%
10Alfa-ForexAlfa-Forex66%
  


Share: